Following a report by Rolla Public Schools Finance Director Vicki Gorman and a public hearing at which nobody spoke, the Rolla Board of Education Thursday night set the school district's new tax rate at $3.2196.
That's the amount property owners will pay for each $100 assessed valuation of their holdings.
The assessed value is a percentage of appraised value.
In Missouri, agriculture land is assessed at 12 percent of its appraised value, residential property is assessed at 19 percent of its appraised value and commercial property is assessed at 32 percent of its appraised value.
What does this mean to you? Gorman gave this example. Imagine a home in the school district appraised at $150,000. The assessed value, 19 percent, will be $28,500. Multiply that figure by $3.2196, which is the levy, and then divide the product by 100.
You'll get $917.59. That's the total school tax owed.
"It's an increase of $10.26," Gorman said.
That's because the levy is slightly higher than the levy adopted this time last year, $3.1836. Two years ago, the levy was set at $3.2059.
The total levy comprises $2.9696 for operating the school and 25 cents for servicing the outstanding bond indebtedness.
Gorman showed a list of more than 25 schools in the Camdenton salary survey, which includes the levy ranking.
"We're sixth from the bottom," Gorman said. "We compare, I guess you could say favorably" with the more than 25 schools in that survey. "We do manage our money well, so we're able to have a low levy.
Not only that, Rolla is one of just more than 33 school districts in the state that still requires a Proposition C rollback.
Prop. C was a one-cent sales tax for education that Missouri voters approved in 1982, more than 30 years ago.
Voters agreed to pay the one-cent sales tax if half of the revenue raised by the tax would be used to roll back the property tax rate.
The net Prop. C revenue used in the 2013-2014 levy calculation was $3,232,012. Half of that is $1,616,006. The assessed valuation is $389,093,896.
That makes the tax levy rollback 36.61 cents, a change of 2.43 cents from last year's rollback figure of 39.04.
School district voters could choose a full or partial waiver of Prop. C, but they have chosen not to do so.